-
Audit approach overview
Our audit approach will allow our client's accounting personnel to make the maximum contribution to the audit effort without compromising their ongoing responsibilities
-
Annual and short period audit
At P&A Grant Thornton, we provide annual and short period financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service.
-
Review engagement
A review involves limited investigation with a narrower scope than an audit, and is undertaken for the purpose of providing limited assurance that the management’s representations are in accordance with identified financial reporting standards. Our professionals recognize that in order to conduct a quality financial statement review, it is important to look beyond the accounting entries to the underlying activities and operations that give rise to them.
-
Other Related Services
We make it a point to keep our clients abreast of the developments and updates relating to the growing complexities in the accounting world. We offer seminars and trainings on audit- and tax-related matters, such as updates on Accounting Standards, new pronouncements and Bureau of Internal Revenue (BIR) issuances, as well as other developments that affect our clients’ businesses.
-
Tax advisory
With our knowledge of tax laws and audit procedures, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
-
Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
-
Corporate services
For clients that want to do business in the Philippines, we assist in determining the appropriate and tax-efficient operating business or investment vehicle and structure to address the objectives of the investor, as well as related incorporation issues.
-
Tax education and advocacy
Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting measures to increasingly ease tax compliance, and protecting taxpayer’s rights.
-
Business risk services
Our business risk services cover a wide range of solutions that assist you in identifying, addressing and monitoring risks in your business. Such solutions include external quality assessments of your Internal Audit activities' conformance with standards as well as evaluating its readiness for such an external assessment.
-
Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and systems. Using our extensive knowledge of various industries, we can take a close look at your business processes as we create solutions that can help you mitigate risks to meet your objectives, promote efficiency, and beef up controls.
-
Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers and acquisitions, and financing transactions between and among businesses, lenders and governments. Such services include, among others, due diligence reviews, project feasibility studies, financial modelling, model audits and valuation.
-
Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk factors, and recommending practical solutions to eliminate the gaps. We also provide investigative services to detect and quantify fraud and corruption and to trace assets and data that may have been lost in a fraud event.
-
Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your organization. Our team can provide detailed, actionable insight that incorporates industry best practices and standards to strengthen your cybersecurity position and help you make informed decisions.
-
ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system to promote integrity and honesty in the organisation.
-
Accounting services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
-
Staff augmentation services
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
-
Payroll Processing
Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.
-
Our values
Grant Thornton prides itself on being a values-driven organisation and we have more than 38,500 people in over 130 countries who are passionately committed to these values.
-
Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
-
Learning & development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day. And when you are at your best, we are the best at serving our clients
-
Global talent mobility
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
-
Diversity
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
-
In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
-
Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
-
Fresh Graduates
Fresh Graduates
-
Students
Whether you are starting your career as a graduate or school leaver, P&A Grant Thornton can give you a flying start. We are ambitious. Take the fact that we’re the world’s fastest-growing global accountancy organisation. For our people, that means access to a global organisation and the chance to collaborate with more than 40,000 colleagues around the world. And potentially work in different countries and experience other cultures.
-
Experienced hires
P&A Grant Thornton offers something you can't find anywhere else. This is the opportunity to develop your ideas and thinking while having your efforts recognised from day one. We value the skills and knowledge you bring to Grant Thornton as an experienced professional and look forward to supporting you as you grow you career with our organisation.
The poor are not forgotten
21 Mar 2017“But the poor will not always be forgotten. (Psalm 9:18)” This Bible quote gives a fine touch to the “should-be” reality that even those in the marginalized sectors of the society, such as the poor, are still an integral part of the nation and should never be forgotten.
In the early times, Jehovah gave the ancient nation of Israel a body of law that, if obeyed, would minimize poverty. For example, the Law commanded the people to leave the edges of their fields unharvested that poor people could glean from. In addition, if the poor had to borrow money, the Law forbade Israelites to charge interest.
Undeniably, provisions which are geared towards alleviating the socioeconomic welfare would help ease the challenges faced by the poor such as lack of proper clothing to protect them from harsh weather conditions, lack of funds to obtain proper medical care and quality education, and lack of resources to buy food.
Adding bitterness to such a situation is the sad reality that poor families are considered “unbankable” loan clients. They find it hard to obtain credit approval from legitimate and formal lending entities due to collateral and documentary requirements. As such, the poor are sometimes compelled by necessity to borrow from informal sources such as loan sharks.
But, like the will of God, a new ray of light has arrived. Poor families can now tap government funding to open up small businesses with the enactment of Republic Act (RA) No. 10693, otherwise known as the “Microfinance NGOs Act.”
Under this Act, poor Filipino families shall be encouraged to undertake entrepreneurial activities to meet their minimum basic needs including income security. It aims to encourage nongovernment microfinance institutions to work with the government to pursue community development and improvement in the socioeconomic welfare of the poor and other basic and marginalized sectors through financially inclusive and pro-poor financial and credit policies and mechanisms, such as microfinance and its allied services.
To encourage microfinance NGOs (MNGOs) to support its poverty eradication program, the government grants a 2% preferential tax rate based on MNGOs’ gross receipts from microfinance operations which shall be, in lieu of all national taxes, provided the conditions under Section 20 of RA 10693 are complied with.
Relative to this and in pursuant to the Tax Code, the Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue, issued Revenue Regulations (RR) No. 03-2017 which implements the tax provisions of RA 10693.
The salient features of the new regulations are as follows:
ACCREDITATION OF MNGOS
MNGOs are required to secure a Certificate of Accreditation from the MNGO Regulatory Council (“Council”) in order to avail of the incentives under RA 10693. MNGOs must be non-stock, non-profit corporations with a capital contribution of at least P1,000,000.00. Only MNGOs with duly issued Certificates of Accreditation shall be eligible to avail of the 2% gross receipts tax on income from microfinance operations.
MNGOs which have been certified by the Securities and Exchange Commission (SEC) as having no derogatory record are deemed accredited as MNGOs for a period of one year from the effectivity of RA 10693, unless sooner revoked. These entities shall likewise be entitled to avail of the 2% gross receipt tax on its income from microfinance operations.
TAXATION OF MNGOS
As earlier mentioned, a duly registered and accredited MNGO shall pay 2% tax based on its gross receipts from microfinance operations in lieu of all national taxes provided that such preferential tax treatment shall be accorded only to MNGOs whose primary purpose is microfinance and only on their microfinance operations catering to the poor and low-income individuals.
It must be noted that the preferential rate of 2% tax based on gross receipts from microfinance operations should only refer to lending activities and insurance commission which are bundled and forming an integral part of the qualified lending activities of the MNGOs.
In case the MNGOs have other sources of income, which are not generated from the lending activities and insurance commissions, the same shall be subject to applicable taxes such as but not limited to:
a. Interest income derived from loans other than those extended to qualified borrowers under RA 10693;
b. Commission fees and other charges on the provision of electronic payment systems such as mobile or any innovative digital platforms or channels;
c. Commission fees and other charges on the provision of money transfer and other related remittance services;
d. Prizes and other winnings; and
e. All other forms of income not related to microfinance operations (lending activities and insurance commission) catering to the poor and low-income individuals.
For MNGOs to avail of the benefits under RA 10693 for their microfinance operations shall be evaluated in conjunction with their other lines of business in order to determine the appropriate tax treatment of revenues derived from those other activities.
Finally, MNGOs’ books of accounts and other pertinent records shall be subject to periodic examination by the BIR in order to ascertain whether they are complying with the conditions for availing the tax incentives and their tax liability, if any.
UPDATE OF BIR REGISTRATION
Duly registered and accredited MNGOs, including those deemed accredited, are required to update their registrations with their respective Revenue District Offices (RDO) to reflect their accreditation as MNGOs. Moreover, their clients are required to have Taxpayer Identification Numbers (TIN). For this purpose, MNGOs are encouraged to assist their clients in securing the TINs.
Notably, on the socioeconomic agenda of the current administration is to improve social protection programs in order to protect the poor against instability and economic shocks. This means that those who have less in life are not forgotten and that they have a seat at the discussion table of the government.
On the other hand, the grant of fiscal incentives implies that the government recognizes the role of MNGOs in nation-building. It is hoped that the new BIR regulations be implemented cautiously, taking into account the administration’s policy of increasing competitiveness and the ease of doing business. With this, it can also be said that the hands supporting the poor are likewise not forgotten.
Renato R. Balisacan, Jr. is a manager with the Tax Advisory and Compliance division of Punongbayan & Araullo. P&A is a leading audit, tax, advisory and outsourcing services firm and is the Philippine member of Grant Thornton International Ltd.
As published in Business World, dated 21 March 2017